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Article: Evergreen Energy Raises $7.0 Million.
- Article from:
- Energy Weekly News
- Article date:
- November 6, 2009
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Evergreen Energy Inc. (NYSE Arca: EEE) announced that it has entered into a definitive agreement for the sale of shares of its Series B Convertible Preferred Stock ("preferred stock") pursuant to a private placement offering to institutional investors, representing gross proceeds to the Company of approximately $7.0 million, and net proceeds of approximately $5.0 million. Evergreen plans to use the net proceeds for general corporate purposes.
The preferred stock is convertible into shares of the Company's common stock at the option of the investors at a conversion price of $0.6025 per share and will accrue a 5.66% cumulative dividend until October 21, 2014. If ...